March 29, 2018 / 11:59 AM / 8 months ago

Russia's Novak tells Putin global oil deal boosted state foreign currency income

Russian Energy Minister Alexander Novak waits before a meeting of Russian President Vladimir Putin with Qatar's Emir Sheikh Tamim bin Hamad al-Thani at the Kremlin in Moscow, Russia March 26, 2018. REUTERS/Sergei Karpukhin

MOSCOW (Reuters) - Russian Energy Minister Alexander Novak said on Thursday a global oil output cut deal has helped balance the oil market worldwide and boosted Russia’s foreign currency income.

Speaking to President Vladimir Putin, Novak also said Russia’s oil-refining industry was hit by changes to taxation and lower investment.

Now, Novak told Putin, the energy ministry was working on measures that would support the oil-refining industry at home.

Reporting by Vladimir Soldatkin; Writing by Andrey Ostroukh; Editing by Vladimir Soldatkin

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